As we approach the 2025 tax season, the IRS has announced several significant updates that could impact your tax planning and filing. Here’s a breakdown of the key changes to be aware of:
Increased Standard Deduction
The standard deduction has been raised to $15,000 for single filers and $30,000 for married couples filing jointly. This increase can help reduce your taxable income, potentially lowering your overall tax bill.
New Tax Bracket Adjustments
Tax brackets have been adjusted for inflation. Be sure to review the new rates for 2025, as […]